Can TDS Deductions Be Reversed in India? Understanding the Process
Learn how to reverse TDS deductions in India by filing a revised return and claiming refunds. Essential guidelines included.
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Yes, TDS (Tax Deducted at Source) deducted can be reversed in India. To do this, file a revised return with the corrected details. If excess TDS is deducted, claim a refund while filing your income tax return (ITR). Ensure all necessary documents supporting the excess deduction are attached for prompt processing by the tax authorities.
FAQs & Answers
- What is TDS and how is it deducted in India? TDS, or Tax Deducted at Source, is a tax collected at the source of income in India. It is deducted by the payer before making the payment to the recipient, based on specified rates for different types of income.
- How can I claim a refund for excess TDS deducted? To claim a refund for excess TDS deducted, you must file an income tax return (ITR) and include the details of the excess deduction. Ensure to attach all necessary supporting documents to facilitate the refund process.
- Can I revise my TDS return if I made a mistake? Yes, if you made a mistake in your TDS return, you can file a revised return with the correct information to rectify the error.
- What documents do I need to attach for TDS reversal? For TDS reversal, you need to attach documents that prove the excess deduction, such as Form 26AS, TDS certificates, and any other relevant financial records to support your claim.